By Akin Akinremi
Fidelity Bank Plc, has assured that, with new indicators in the domestic economy taking a positive trajectory in the recent times, Return on Investment for investors in the bank in the year will also follow in that direction.
The Chairman of the bank, Mr Ernest Ebi, made this disclosure as part of his major highlight while answering shareholders questions at the bank’s 29th Annual General Meeting in Lagos on Thursday, noting that as a very prudent bank, its risk management team are working assiduously to also ensure a hitch free year.
Mr. Ebi who said his experience in the banking industry would be brought to bear on the bank’s operations, pointed out that this will also help to lift up the numbers in the year. Meanwhile, Shareholders on Thursday, unanimously approved the dividend payout the bank’s management had earlier declared.
Specifically, a dividend of N3.9 billion was paid for the year ended December 31, 2016. The dividend translates to 14 kobo per 50 kobo share. According to the Chairman, the bank would continue on the path of growth. He also expressed optimism that with positive developments in the economy, the bank would perform better this year. He assured the shareholders that the bank would consolidate on its retail banking business.
“The headwinds are gradually going away and we can see light at the end of the tunnel. With the government now having an Economic Recovery and Growth Plan (ERGP), I think that is good news for businesses. Consequently, our priority remains to de-risk the business by way of a much disciplined risk management. Using our technology, we would drive effective service delivery for our customers in 2017,” he added.
Also responding to questions, the Chief Executive Officer, Fidelity Bank, Mr. Nnamdi Okonkwo, described 2016 as a very tough year. “We remain solidly aware of the opportunity areas in 2017 and will work to grab the lion share. As we do that, we Will not relent on the plan to redesign our systems and processes to boost service delivery, intensify strategic efforts to reduce operating expenses and cost-to-serve, as well as improve our retail risk monitoring capacities to ensure both internal and external risks are promptly recognises and swiftly purged,” Okonkwo added